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Context: Recently, Central Electricity Regulatory Commission (CERC) introduced the concept of multiplier for renewable energy certificates (RECs) for new projects based on various RE technologies.
The certificate multiplier will be applicable for 15 years from the date of commissioning of the project.
CERC has assigned a certificate multiplier value of 1 for on-shore and off-shore wind projects in the next 3 years.
While Hydro has been assigned a value of 1.5.
Biomass and bio-fuel projects have been assigned the highest certificate multiplier of 2.5.
Introducing a technology multiplier will help boost adoption of new and costly RE technologies depending on the type of technology to be encouraged.
Besides, the concept will provide an avenue to offer incentives for promoting less mature technologies.
RECs are a market-based instrument that certifies the bearer owns one megawatt-hour (MWh) of electricity generated from a renewable energy resource.
Once the power provider has fed the energy into the grid, the REC received can then be sold in the open market as an energy commodity.
RECs earned may be sold to other entities that are polluting as a carbon credit to offset their emissions.
REC swaps consist of trading RECs to profit from the disparity between the buy and sell price.
Many states have varying RPS standards, this increases opportunities to swap.
A REC acts as an accounting mechanism for solar, wind, and other green energies as they flow into the power grid.
This accounting and returning energy to the grid is necessary because electricity is difficult to store in batteries.
So, most renewable-generated power, which is unused by the creator is fed back into the power grid for use by other customers.
The provider of renewable electricity will then receive a REC.
Energy Certificates can be sold, but are used as a credit against their own power usage.
It will assist states in meeting administrative requirements (like RPOs) by succeeding geographic restrictions on renewable potential in various states.
Renewable Purchase Obligation is the obligation to purchase minimum level of renewable energy out of the total consumption by the Obligated Entity.
RECs separate the electricity component from the green/environmental characteristics of renewable-energy-generated power.
After that, both components might be exchanged independently.
RECs aid in stimulating the generation of renewable energy above and beyond the RPO state limit.
By: Shubham Tiwari ProfileResourcesReport error
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